Six major UK mortgage lenders confirm they will now consider lending on property awaiting remediation work for EWS1 improvements.
Until early this year where a EWS1 form confirms the property does not meet minimum safety standards it was impossible to secure a residential mortgage.
On the 9th of January it was reported that six leading UK mortgage lenders confirmed that they would now consider mortgage applications on properties in England situated in buildings of 11 meters in height and over, without an A1 or B1 rated EWS1 form.
Generally speaking the lenders will require the following criteria:-
A Building Safety Act 2022 Government Leaseholder Deed of Certificate form accompanied by a Building Safety Act 2022 Landlords Certificate.
Written confirmation of intention to complete the works from developer who has signed a contract with the government.
Written confirmation from DLUHC confirming the property is approved for funding to remediate.
Where a borrower has a financial liability to contribute towards remediation lenders will take into consideration the maximum annual or monthly liability when making a mortgage application.
Fisks London partner with Zing Mortgages a provider of quality mortgage advice backed by award winning customer service.
Please do not hesitate to contact us to request a referral to Zing for guidance on securing mortgage funds against property awaiting EWS1 improvement or for any other mortgage advice.
It is your decision whether you choose to deal with Zing Mortgages. Should you decide to use their services we will receive a percentage of the commission received by Zing Mortgages resulting from our introduction.